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News Breaks | | | | February 12, 2013 | | 11:51 EDT |  | VAL, PPG | Paint maker Valspar retreats after results miss expectations
Coatings and paint manufacturer Valspar (VAL) is sinking after the company reported lower than expected first quarter earnings per share, or EPS, and lower than expected first quarter revenue. The company explained that international markets were weaker than it had anticipated. Specifically, Valspar said its business in China, Australia, and parts of Europe were weaker than expected. Moreover, Valspar anticipates that its overseas markets will continue to be weak. As a result, it lowered its fiscal 2013 EPS guidance to $3.60-$3.80, from its previous guidance of $3.65-$3.85. Analysts' consensus estimate was $3.79. On a positive note, Valspar reported that its U.S. consumer paints business, boosted by the U.S. housing recovery, generated revenue growth in the mid single percentage digits. Meanwhile, the revenue from Valspar's North American wood business rose in the high single percentage digits. Nevertheless, in late morning trading, Valspar tumbled 7.50%, to $61.92. PPG Industries, which also manufactures coatings, dropped 2.6% to $135. | |
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News For VAL;PPG From The Last 14 Days Check below for free stories on VAL;PPG the last two weeks. |
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| May 23, 2013 | | 09:31 EDT |  | PPG | PPG Industries management to meet with Deutsche Bank
 Subscribe for More Information | | | May 21, 2013 | | 07:28 EDT | | PPG | Goldman to host a conference
Subscribe for More Information | | | May 17, 2013 | | 09:30 EDT | | PPG | PPG says court issues opinion on Pittsburgh Corning reorganization
Subscribe for More Information | | | May 14, 2013 | | 07:33 EDT |  | VAL | Valspar sees FY13 adj. EPS $3.60-$3.80, consensus $3.68
| | | 07:31 EDT | | VAL | Valspar reports Q2 adj. EPS 91c, consensus 90c
Reports Q2 revenue $1.03B, consensus $1.05B. | |
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